Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
Latest News
Nominees for the 2018-2019 Best of Finance Awards Oct 2nd
Every year, RateSupermarket.ca carefully analyzes the Canadian credit card and banking industry and awards the best products at its Best of Finance Awards.
There will come various points in every person’s life when they’ll be required to make a financial choice. But when there are hundreds of b.... More »
Canadian banks earnings reports Aug 28th
Big Bank earnings reports highlights
The third-quarter results are in.
National Bank of Canada (NA/TSX): Earnings per share of $2.68, and revenues of $3 billion.
Royal Bank of Canada (RY/TSX): Earnings per share of $3.09, and revenues of $14.63 billion.
Bank of Montreal (BMO/TSX): Earnings.... More »
SimplyCash from American Express credit card review May 19th
Rewards are great, but they usually come at a price. And with credit cards that usually means an annual fee. Not so with SimplyCash from American Express: This no fee credit card offers impressive rewards at no extra cost to you. With an impressive earn rate of 1.25% on everything you buy, the Simpl.... More »
As Trump unravels Dodd-Frank, Canadian banks bullish on U.S. + MORE Feb 4th
Trump administration also calls for a review of Department of Labour’s Obama-era fiduciary rule
.... More »
What’s In Your Best Interest? Apr 3rd
When it comes to managing your cash, it helps to have guidance from those you trust. But what if their motives don’t exactly align with saving you money? This week, we take a look at consumer advocates – from your realtor, to new merchant credit card fee caps – to see how they really .... More »
How I Ruined My Credit Score: 3 Debt Truths You Need To Know
– ratesupermarket.ca
“You can’t be doing this.”
Those words came from the mouth of my financial advisor as we discussed my credit options. On his side of the desk, a monitor displaying my FICO score. On my side, feelings of sheepishness, frustration, and more than a little bewilderment. He was referring to my longstanding habit of paying just the minimum on my credit card bill – one I always paid dutifully on time, and, unbeknownst to me, was ripping my credit score to shreds.
I had been carrying close to my max limit for several years at that point – a balance I had wracked up in bygone days of early 20’s hijinks. Now that I was considerably more responsible (and making considerably more money), I wasn’t too worried. The debt amount in question was only a few thousand dollars – and after all, I made enough to pay it off eventually, right?
That would be a big, fat, NO. As I was about to learn, carrying an almost-maxed balance is one of the cardinal sins of credit – it’s a sign to lenders that you aren’t responsible with debt repayment…
